In July 2025, Portugal’s popular Golden Visa programme will officially enter a new phase — one that better aligns with the country’s economic priorities and European regulatory standards.
For many years, this programme offered one of the most attractive routes to EU residency: with minimal stay requirements, no obligation to relocate, and a clearly defined pathway to Portuguese citizenship. It allowed international investors and their families to secure EU mobility, freedom of travel within the Schengen zone, and ultimately a European passport — all through a single investment in Portuguese real estate.
However, with Law 56/2023, the landscape is changing. From 1 July 2025, the familiar route via real estate investment will no longer be an option. Instead, the new Portugal Golden Visa — widely referred to as Golden Visa 2.0 — will focus on more dynamic forms of investment that support Portugal’s long-term development.
What is changing — and why?
Until now, more than 90% of Golden Visa applicants chose the real-estate route. While this brought billions of euros into the property market, it also created housing pressures in Lisbon, Porto, and the Algarve — and did not significantly stimulate innovation, employment or the green economy.
Golden Visa 2.0 will now encourage capital to flow into sectors such as renewable energy, life sciences, digital innovation, creative industries, and employment creation.
What are the new qualifying routes?
Golden Visa 2.0 offers three investment options — each linked to Portugal’s innovation and sustainability agenda:
Venture capital or private equity funds
The primary option involves an investment of €500,000 or more into regulated venture-capital or private-equity funds. These must be CMVM-approved funds, with at least 60% of their assets invested in Portuguese companies, typically in sectors such as renewable energy, hydrogen technologies, biotech, life sciences, digital transformation and ESG-related projects.
Cultural or artistic support
A second option is a €250,000 contribution to eligible cultural or artistic projects (or €200,000 in low-density regions). This may include heritage restoration, performing arts, film production, and museum projects approved by Portugal’s Ministry of Culture.
Direct job creation and R&D-based entrepreneurship
The third route allows applicants to create a Portuguese company or invest in an existing business, creating at least 10 full-time jobs (or 8 in low-density areas), maintained for a minimum of five years. This path can also be structured around R&D or innovation-based businesses, offering additional incentives.
How much time must an investor spend in Portugal?
This is one of the most appealing aspects of Golden Visa 2.0: the residency requirement remains very light.
During the first year, investors must spend at least seven days in Portugal. Thereafter, for each subsequent two-year period, only fourteen days are required.
There is no need to relocate or become a full-time tax resident (unless the investor chooses to). For those who do, Portugal’s Non-Habitual Resident (NHR) tax regime remains highly competitive.
Does the programme still lead to citizenship?
Yes — this is a key advantage of Portugal’s Golden Visa, and it remains unchanged under the new rules.
After five years of holding residency, applicants who maintain their status and meet the minimum stay requirements may apply for full Portuguese citizenship.
The only additional requirement is passing a basic Portuguese language exam (level A2), which is easily achievable with preparation. Importantly, Portugal allows dual citizenship — meaning investors are not required to renounce their original nationality.
For investors seeking an EU passport — with full rights of mobility, work and residence across the European Union — this is one of the clearest and most efficient pathways currently available.
What are the potential pitfalls to avoid?
While Golden Visa 2.0 offers significant opportunities, it is also more complex than the old “buy property and wait” model. Several risks must be carefully managed:
Fund selection is critical: not all funds are fully compliant with CMVM requirements or structured with proper terms for Golden Visa investors. Investors must be cautious about fees, lock-in periods, and liquidity.
Timing matters: to secure the 5-year pathway to citizenship, funds must be subscribed and fully paid at the correct stage. Incorrect timing may delay citizenship eligibility.
Non-compliant offers: some advisors promote indirect property schemes disguised as “Golden Visa funds” — these can be legally risky and should be avoided.
Late family planning: adding family members after the principal application is filed can cause delays and complications. It is always advisable to structure a family-wide application from the outset.
Why is professional advice essential?
Golden Visa 2.0 is no longer a straightforward process. It now requires:
— Careful selection of funds or cultural projects,
— Understanding of capital flows and tax optimisation,
— Navigating regulatory processes with AIMA (formerly SEF),
— Structuring the full path to citizenship eligibility from day one.
Mistakes in fund selection, timing, or compliance can delay — or even derail — the entire investment migration plan.
How ERG helps
ERG’s Residency & Citizenship team provides end-to-end support for clients pursuing Golden Visa 2.0. We help clients:
— Pre-screen and select eligible funds and projects,
— Structure investments for tax efficiency,
— Manage all application filings (for principal and family members),
— Advise on long-term compliance and citizenship planning,
— Coordinate post-approval monitoring and annual renewals.
Our team ensures that clients not only obtain residency, but that they stay fully compliant through the five-year period — optimising their path to Portuguese citizenship and an EU passport.
Final thoughts
Portugal’s Golden Visa remains one of the most attractive residency programmes in Europe — now fully updated to reflect the country’s innovation and green economy priorities.
For investors and families thinking strategically about long-term EU mobility and citizenship, Golden Visa 2.0 offers a clear, practical, and highly flexible solution.
For a private consultation and tailored investment residency plan, contact the ERG team.
